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140-44 W Washington Lane

PHILADELPHIA, PA 19144
  • $1,395,000
  • STATUS: Active
  • ON SITE: 98 Days
  • ID#: PAPH2109676
UPDATED: 35 min ago
$1,395,000
  • 0
    BEDS
  • 0.29
    ACRES
  • 0
    BATHS
  • 0
    1/2 BATHS
Neighborhood:
Type:
Commercial
Built:
1900
County:

School Ratings & Info

Description

AN OPPORTUNITY TO PURCHASE A TURN-KEY, FULLY LEASED, 5 UNIT LUXURY APARTMENT BUILDING IN THE BEAUTIFUL MOUNT AIRY NEIGHBORHOOD OF NW PHILADELPHIA. SITE CONSISTS OF 2 LOTS, WITH AN OPPORTUNITY TO SUBDIVIDE AND DEVELOP THE 2ND LOT. SITE INCLUDES 5 APARTMENTS, 2 GARAGES, AND A PAVED DRIVEWAY LARGE ENOUGH FOR 6 PARKING SPOTS. SEE PROPERTY PROSPECTUS FOR REVENUE AND EXPENSES DATA. UNITS RENOVATED IN 2018. UNITS FEATURE VIRTUAL INTERCOM, SECURITY SYSTEM, STAINLESS STEEL APPLIANCES, GRANITE COUNTERTOPS, HARDWOOD FLOORS, MINI SPLITS FOR HEATING AND COOLING, AND OUTDOOR RECREATIONAL AREAS. CASH-FLOWING: APARTMENTS ARE CURRENTLY LEASED UNDER MARKET VALUE FOR A TOTAL GROSS MONTHLY INCOME OF $7,100.00. 3 OUT OF THE 5 UNITS ARE LONG-TERM TENANTS THAT HAVE LEASE RENEWALS APPROACHING. RENEWING LEASES AT MARKET RATE COULD BRING IN POTENTIAL REVENUE OF $7,800.00 PER MONTH. GOING FORWARD, OWNER COULD ALSO CHARGE FOR PARKING, STORAGE & GARAGE USAGE - AN EXTRA $675 IN MONTHLY REVENUE. LOW MAINTENANCE AS THE PROPERTY WAS RENOVATED IN 2018. LOW EXPENSES DUE TO BUILDING BEING FULLY ELECTRIC, TENANTS PAY ALL UTILITIES, WITH AN OPPORTUNITY TO INCLUDE COMMON AREA MAINTENANCE CHARGES IN FUTURE LEASES TO OFFSET WATER AND TAX BILLS. SIMPLE CAPITAL IMPROVEMENT PLAN: APARTMENTS CAN ACHIEVE HIGHER RENTS BY IMPLEMENTING A SIMPLE RENOVATION PLAN, SUCH AS BASEMENT STORAGE UNITS, KITCHEN BACKSPLASHES AND WASHER/DRYER IN UNIT. PLEASE SEE ATTACHED PROPERTY PROSPECTUS FOR DETAILS. LEASES ARE AVAILABLE UPON REQUEST.

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©2022 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Newman Real Estate Group | Keller Williams Flagship of Maryland. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2022-08-19T18:03:54.673.
www.thinknewman.com/homes/128620020
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140-44 W Washington Lane PHILADELPHIA, PA 19144

  • Price: $1,395,000
  • Status: Active
  • On Site: 98 Days
  • Updated: 35 min ago
  • ID#: PAPH2109676
0
Beds
0
Baths
0
½ Baths
0.29
Acres
1900
Built
Neighborhood:
19144 (19144)
County:
Philadelphia
Area:
19144 (19144)
School District:
The School District Of Philadelphia
Property Description
AN OPPORTUNITY TO PURCHASE A TURN-KEY, FULLY LEASED, 5 UNIT LUXURY APARTMENT BUILDING IN THE BEAUTIFUL MOUNT AIRY NEIGHBORHOOD OF NW PHILADELPHIA. SITE CONSISTS OF 2 LOTS, WITH AN OPPORTUNITY TO SUBDIVIDE AND DEVELOP THE 2ND LOT. SITE INCLUDES 5 APARTMENTS, 2 GARAGES, AND A PAVED DRIVEWAY LARGE ENOUGH FOR 6 PARKING SPOTS. SEE PROPERTY PROSPECTUS FOR REVENUE AND EXPENSES DATA. UNITS RENOVATED IN 2018. UNITS FEATURE VIRTUAL INTERCOM, SECURITY SYSTEM, STAINLESS STEEL APPLIANCES, GRANITE COUNTERTOPS, HARDWOOD FLOORS, MINI SPLITS FOR HEATING AND COOLING, AND OUTDOOR RECREATIONAL AREAS. CASH-FLOWING: APARTMENTS ARE CURRENTLY LEASED UNDER MARKET VALUE FOR A TOTAL GROSS MONTHLY INCOME OF $7,100.00. 3 OUT OF THE 5 UNITS ARE LONG-TERM TENANTS THAT HAVE LEASE RENEWALS APPROACHING. RENEWING LEASES AT MARKET RATE COULD BRING IN POTENTIAL REVENUE OF $7,800.00 PER MONTH. GOING FORWARD, OWNER COULD ALSO CHARGE FOR PARKING, STORAGE & GARAGE USAGE - AN EXTRA $675 IN MONTHLY REVENUE. LOW MAINTENANCE AS THE PROPERTY WAS RENOVATED IN 2018. LOW EXPENSES DUE TO BUILDING BEING FULLY ELECTRIC, TENANTS PAY ALL UTILITIES, WITH AN OPPORTUNITY TO INCLUDE COMMON AREA MAINTENANCE CHARGES IN FUTURE LEASES TO OFFSET WATER AND TAX BILLS. SIMPLE CAPITAL IMPROVEMENT PLAN: APARTMENTS CAN ACHIEVE HIGHER RENTS BY IMPLEMENTING A SIMPLE RENOVATION PLAN, SUCH AS BASEMENT STORAGE UNITS, KITCHEN BACKSPLASHES AND WASHER/DRYER IN UNIT. PLEASE SEE ATTACHED PROPERTY PROSPECTUS FOR DETAILS. LEASES ARE AVAILABLE UPON REQUEST.
Exterior Features

Construction Materials Stone Garage YN No Parking Types Parking LotPrivate Garage Riparian Rights YN No Water Access YN No Water Oriented YN No Water View YN No Waterfront YN No

Interior Features

Building Area Total 4089.00 Cooling Ductless/Mini-Split Heating Forced Air Heating YN Yes Net Square Feet 4089.00 Security Features Exterior CamerasSurveillance Sys

Property Features

Accessibility Features None Assessment Year 2022 Business Type Apartment Building Central Air YN No Cooling Fuel Electric Heating Fuel Electric Hot Water Electric Municipality Philadelphia Navigable Water YN N New Construction YN No Number Of Units Total 5 Original MLSNumber 801515439346 Ownership Interest Fee Simple Possession SettlementSubject To Existing Lease Property Sub Type Five Or More Units Sale Type Standard Sewer Public Sewer Tax Annual Amount 4755.00 Tax Assessment Amount 339700.00 Tax Lot 58 Vacation Rental YN No Water Source Public Year Built Effective 2018 Zoning Rsa2

Listing courtesy of Coldwell Banker Realty: .


©2022 Bright MLS, All Rights Reserved. IDX information is provided exclusively for consumers' personal, non-commercial use and may not be used for any purpose other than to identify prospective properties consumers may be interested in purchasing. Some properties which appear for sale may no longer be available because they are for instance, under contract, sold, or are no longer being offered for sale. Information is deemed reliable but is not guaranteed accurate by the MLS or The Newman Real Estate Group | Keller Williams Flagship of Maryland. Some real estate firms do not participate in IDX and their listings do not appear on this website. Some properties listed with participating firms do not appear on this website at the request of the seller. Data last updated: 2022-08-19T18:03:54.673.
 
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The Newman Real Estate Group | Keller Williams Flagship of Maryland
231 Najoles Rd., Suite 100
Millersville MD, 21108